A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation.

Oil markets roil as President Trump confirms U.S. strikes on Iran’s nuclear sites, including Fordow. Fears grow over a possible closure of the Strait of Hormuz, threatening global crude supply and energy stability.

Fighting has the potential to disrupt oil markets, but a move by Iran to cut off supply would chiefly hurt China, the biggest buyer of Iranian oil.